Entrepreneur Jim Rohn famously said we’re the average of the five people we spend the most time with. Those you choose to hang out and share advice with have a huge impact on both your personal and business growth. Given a choice, we’d all surround ourselves with the kindest, smartest, and most inspiring people, but it can be tricky to find the right community.
If you’re ready to find your network, below you’ll learn what a mastermind group is, how to form one and why it can help transform your business.
What is a mastermind group?
A mastermind group is made up of peers who meet on a regular basis (in person or virtually) to offer advice and support. They push each other to work to their highest potential and hold each other accountable. Mastermind groups can revolve around your personal or professional life.
There is a regular meetup or a retreat, as well as ongoing support through Slack channels, email, and private forums.
These focused, supportive communities have stood the test of time, with the likes of Bill Gates, MrBeast, and Pat Flynn attributing their success to mastermind groups. Even J.R.R. Tolkien and C.S. Lewis were part of the most famous mastermind group of all time, the Inklings.
How to find a mastermind group
Masterminds hinge on the people involved. This is why it’s critical to research your options and choose a mastermind group that is relevant to your needs and made up of inspiring, motivated people.
Start with the people you know
Look around you—what you’re looking for might be right under your nose. Ask colleagues, friends, and those in your professional network if they know or are part of a mastermind group. Use social media to seek out people who are on a similar path as you and reach out to your most successful connections.
You might find you have the right people in your immediate circle—in which case, why not start your own mastermind?
Find online or offline resources
Google is your friend. Run a simple search for relevant mastermind groups. There are lots of mastermind groups online, so you don’t have to find a local one. You can also try networking sites like Meetup, dedicated industry forums, or Facebook groups designed for entrepreneurs and ecommerce owners.
Don’t settle for a group that isn’t right
In an ideal world, the mastermind group you join should be full of motivated entrepreneurs you admire. It’s easy to settle for a group of peers, but try to aim higher. Look for mastermind groups made up of people who are further along in growing their business. Their experience will be valuable when you’re seeking advice or making decisions about your business.
Mastermind group online for remote collaboration
Meeting in person helps provide a human connection, but you can also find mastermind groups online. Virtual tools make it possible to connect, chat, and work with entrepreneurs from all over the world—perfect if you live in a small town or have exhausted your local resources.
Online groups are more flexible, which means they are likely to be more successful and engaging. It allows for members to meet when they are traveling and can be recorded, so you can rewatch a meeting or catch up later.
There’s also the added benefit of learning from business owners in different markets, and unique challenges, giving you a wider breadth of experience and advice to draw from.
Why join a mastermind group?
Mastermind groups will hold you accountable for doing the things you say you will and moving your business forward. It’s helpful to have people on your side who are rooting for you to succeed and who can offer advice and tips.
It’s harder to let someone down than it is to let yourself down, which means you’re more likely to do the tasks you promised.
A mastermind group provides feedback from people who are trying to build a business just like you. They have insight and a mindset that is hard to find. Like-minded entrepreneurs will tell you what’s wrong or right about your ideas with no bias. They aren’t your customers and they aren’t your competitors, which means you can trust their mentorship and guidance.
Not only does your mastermind group allow you to collaborate on ideas, but you can also ask group members to help you with projects or tasks. This isn’t the main function of a peer-mentoring group, but you might find opportunities to work with other members of your mastermind group.
There’s also an opportunity for you to cross-promote your brand with other brands. Most members use social media and might even have a blog you can cross-promote on.
Mastermind groups are also a great way to network in your industry. When you connect with people, you gain access to their network. They may know people who could help you with a project or growth strategy. The more you expand your network, the more doors open up for you.
Having connections in various industries can come in handy when you least expect it.
The members of your mastermind group will have different specialties and areas of expertise. You may have knowledge in marketing but need help with design. You and a group member may be able to help each other out.
The blending of different backgrounds, skills, and knowledge creates an environment for you to learn, play to your strengths, and address your weaknesses.
Your mastermind is a support group to encourage you and keep you going when you encounter hard times in your business. It can also be a place to get your questions answered and find solutions. If you have a problem, chances are a member has dealt with the same thing already. You can learn from their experiences and discuss next steps with your group.
How to run a mastermind group in 7 steps
If you can’t find a group that works for you, start your own. Here are the main steps to gett you going.
1. Decide what your mastermind group is about
Pick a topic that your mastermind revolves around. It could be broad, like ecommerce, or narrow, like creating subscriptions.
2. Pick your partners
You want your mastermind group members to be committed. Choose people who have the drive and a diverse set of skills, and who are problem solvers. Seek people who are committed to learning and sharing with the community they are part of.
3. Establish some ground rules
Decide how you’ll run each session and what boundaries will be in place. For example, while you can seek support for your business problems, you might create a rule that conversations should be solutions-focused.
4. Meet regularly
Maintain consistency by meeting regularly, whether that’s virtually or in person. Ensure you have enough time to cover everything you need to. An agenda or schedule can make sure everyone is getting the support and time they need.
5. Include a mastermind group facilitator
It can help to have someone to facilitate mastermind groups. They can share the meeting agenda, keep people on track, and document the outcomes of each session. This can help keep members accountable for their actions and know what their next steps are.
6. Take (and share) notes of each meeting
Capture what goes on at each meetup, including challenges, wins, questions, and goals for next time. This will help keep everyone accountable and ensure you have a written document of the session. Remember to share the notes or a recording with other members.
7. Gather feedback from members of the group
Make sure your mastermind continues to deliver value by regularly checking in with group members to determine what works and what could be improved. Consider the meeting time, the experience, the conversation, and the format as features that can evolve to meet the group’s needs.
Mastermind group examples
Creatives, entrepreneurs, and everyday people benefit from having a supportive group of peers. Let’s explore how successful mastermind groups have brought their members to the next level.
The Indie Brand Builder
The Indie Brand Builder mastermind was designed to help consumer product entrepreneurs grow faster and learn processes to sell their products. It’s made up of small ecommerce owners from all over the world who want to stop feeling overwhelmed and better understand their businesses. There is a weekly training session, interviews with successful entrepreneurs, and ongoing support from the community.
The Human Gathering Network
Unlike many masterminds hyper-focused on growing revenue, The Human Gathering Network is all about building long-lasting relationships. Entrepreneurs are invited to support other members’ ambitions and find ways to get along with business owners from all walks of life. The network provides a private safe space that fosters curated connections, behind-the-scenes conversations, and exclusive content from today’s most prominent leaders.
Entrepreneurs’ Organization (EO) is one of the most famous masterminds for business owners. It has more than 13,000 like-minded entrepreneurs from all over the world.There’s just one caveat: Members’ businesses must generate over $1 million in revenue. If you qualify, you can access in-person meetings and conversations, as well as ongoing online support.
Find or create your mastermind group
Mastermind groups are a great way to meet like-minded people and get support as you grow and develop your business. It’s important to choose the right mastermind. Decide what your main goals are and ask around to see if anyone in your network can recommend the right group. You can start a mastermind group yourself. Pick your people, choose a topic, and decide on a meeting cadence that works for everyone.
Mastermind group FAQ
What is a mastermind group?
A mastermind group is a group of like-minded peers who regularly meet to offer advice, support, and feedback on a specific topic. Mastermind groups are often business-related, but they can also center around personal development or your personal life.
How much does a mastermind group cost?
The cost of a mastermind group varies greatly depending on the group’s public profile and size. You can create your own mastermind group or join a relatively small group for free, while some can cost more than $10,000 a year.
What happens in a mastermind group?
Mastermind groups are often made up of a live element, like a monthly virtual or in-person meetup, as well as ongoing support. This can be in the form of a community forum, a dedicated Slack channel, or an email thread. Members can use these touchpoints to get advice, share tips, and hold each other accountable.
Should I pay to be in a mastermind group?
While there are free groups available, it can be beneficial to pay for a group. It costs time and money to run a successful mastermind and you’ll likely get access to more resources if you are a paid member.
How do I find a mastermind group?
You can find a mastermind group by asking your network for recommendations or by searching on Google. Check out dedicated sites like Meetup, industry-related forums, and Facebook groups.